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ACC 131 Exam 3 ISU Questions and Answers A+ Graded (2025).

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ACC 131 Exam 3 ISU Questions and Answers A+ Graded (2025).

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Accounting ISU
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Accounting ISU

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ACC 131 Exam 3 ISU Questions and
Answers A+ Graded (2025)




Capital .Expenditures .- .CORRECT .ANSWER-the .purchase .of .long .term .assets
.that .benefit .many .periods, .spread .the .cost .over .useful .life .of .the .longterm .asset,

.recorded .as .LTA .on .the .B/S, .larger .amounts


Revenue .Expenditures .- .CORRECT .ANSWER-made .for .daily .business .operations
.that .benefit .only .the .current .period, .record .these .as .they .are .used .up, .record .as

.an .expense .on .the .I/S, .smaller .amounts


Depreciation .- .CORRECT .ANSWER-an .allocation .of .the .cost .of .a .LTA .over .the
.periods .it .benefits .the .business


Depreciation .does .NOT .- .CORRECT .ANSWER-1. .actual .physical .deterioration
2. .changes .in .market .value

Limited .- .CORRECT .ANSWER-most .LTA .have .________ .useful .lives

BUD .- .CORRECT .ANSWER-Buying .- .determining .costs
Using .- .depreciation .expense
Disposing

Depreciable .cost .- .CORRECT .ANSWER-cost .- .residual .value .=

3 .methods .of .determining .depreciation .- .CORRECT .ANSWER-1. .straight .line
.method .(passage .of .time)
2. .units .of .production .(how .much .was .LTA .used .for .the .period)
3. .double .declining .balance .(accelerated .method)

Double .declining .balance .formula .- .CORRECT .ANSWER-book .value .x .(100% ./
.useful .life) .x .2

DO .NOT .USE .RESIDUAL .VALUE

Units .of .Production .formula .- .CORRECT .ANSWER-cost .- .residual ./ .total
.estimated .activity


Accounting .for .disposals .- .CORRECT .ANSWER-1. .discard/ .retire
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